Suncor CEO Warns Of Increasing Doubt About Canada As Investment Destination

“People are looking and saying, ‘can we invest here?'”

In an interview with BNN Bloomberg, Suncor CEO Steve Williams said the failure of the Trans Mountain expansion would be a big risk, damaging confidence in Canada as a place for investment:

‘“A big risk – it’s very easy to think [Trans Mountain is] just a pipeline,” Williams said, when asked what the risk is to the Canadian economy if the project ultimately fails. “What’s clear to me is there is a question of confidence in Canada’s ability to be able to develop – particularly this project – but on other issues as well.

“People are looking and saying, ‘Can we invest here? Can we have confidence that when we think something’s going to happen, it’s going to happen?’ I think it’s an important moment for Canada to demonstrate that we can get things built.”

Williams also said that talk isn’t enough:

“I continue to be encouraged by words but what we need to see are real actions.”

Added Williams, “We’ve got to start doing things that make Canada more competitive. That means more certainty around regulation; it means a more welcoming environment for business and taxation.”

Unfortunately, the Trudeau Liberals aren’t listening to those who actually understand Canada’s energy industry.

Instead, with new legislation on pipeline approvals (Bill C-69), the process is about to get even worse. Many have pointed out that getting pipelines approved under the new process will be almost impossible – as if it wasn’t already bad enough.

Meanwhile, we keep importing oil from foreign countries like Saudi Arabia, while investors look at Canada and see a country that can’t even correctly utilize our own abundant resources.

After all, hen the government shows more interest in pandering to radicals, enriching other countries, and letting foreign-funded special interest groups demonize the Canadian energy industry, why would anyone think investing would turn out well?

Spencer Fernando

Photo – YouTube